Korea Times Finance Reporter
Lee Hyo-jin covers the Bank of Korea, the banking industry and broader financial news. Her previous beats include foreign affairs, North Korea and general reporting on Korean society.
Ukrainian girls' choir Vognyk performs in front of a fire-damaged resort during the 2023 World Choir Games held in Gangneung, Gangwon Province, Monday, to deliver a message of hope to the eastern coastal city which was ravaged by a massive wildfire in April. Founded in 2000, the WCG is the world's largest choir competition, taking place on different continents once every two years. Yonhap
Tourists shield themselves from the sunshine with umbrellas at the Temple of Heaven in Beijing, June 23. Xinhua-YonhapBeijing feared to use anti-espionage law to flex muscle on SeoulBy Lee Hyo-jin Beginning this month, China implemented an expanded version of its already sweeping counter-espionage law, which significantly broadens the scope of what is viewed as an act of spying.Analysts say ambiguous clauses in the new bill provide plenty of excuses for China to wrongfully accuse foreign nationals it dislikes, adding risks to bilateral relations between Seoul and Beijing that have been on thin ice in recent months.Compared to the previous anti-spy law which defined espionage as covering “state secrets and intelligence,” the amended law ― which came into effect on Saturday ― more broadly views spying as accessing “any documents, data, materials and items related to national security and interests,” as well as cyberattacks against China's state organizations or critical information infrastructure.But the new law does not define specifically what falls under Chin
USS West Virginia (SSBN 736), a U.S. Navy Ohio-class ballistic missile submarine / Korea Times fileBy Lee Hyo-jin A U.S. nuclear-capable ballistic missile submarine (SSBN) might arrive in South Korea later this month, which would be the first dispatch of an SSBN to the Asian country in 42 years, in a major show of force against North Korea's rising nuclear threats.An Ohio-class submarine, a 18,000-ton vessel equipped with 20 submarine-launched ballistic missiles (SLBMs), is expected to be dispatched around July 27 to commemorate the 70th anniversary of the Korean War Armistice Agreement, which suspended combat in the 1950-53 war.It would be the first port call of an SSBN to South Korea since 1981. SSBNs are one of the most secretive U.S. nuclear assets and their public visits to foreign ports are highly rare.During a press briefing last week, U.S. Department of Defense spokesperson Brig. Gen Pat Ryder said a nuclear-capable Ohio-class submarine will visit South Korea, without giving a specific timeline. Local defense analysts view that around July 27 would be the most likely date for
Haeundae Beach in the southern port city of Busan is crowded with vacationers cooling off, Sunday, as the early summer heat gripped the nation with the first heat wave warning of the year being issued. The scorching heat wave is forecast to continue through today in most parts of the nation, followed by sporadic showers nationwide from Tuesday through Wednesday. Yonhap
An official conducts a radiation level test on seafood at a public health and safety research center in Suwon, Gyeonggi Province, June 15. NewsisIAEA chief to visit Japan on Tuesday to deliver final report on safety reviewBy Lee Hyo-jin Korea is facing growing pressure from Japan to resume imports of seafood from Fukushima, as Tokyo pushes ahead with plans to discharge treated wastewater from the Fukushima Daiichi Nuclear Power Plant that was crippled by a tsunami in 2011.During a press briefing on Friday, Japan's Chief Cabinet Secretary Hirokazu Matsuno said, “Japan will strongly demand (Korea and China) for an early lifting of seafood import bans by explaining that the scientific safety of all of the foods distributed domestically and internationally are being ensured through our existing safety measures.”The Korean government has been reassuring the public that the import ban will remain in place regardless of Japan's wastewater release. But a rapid thaw in bilateral relations has increased concerns that Seoul might scrap the ban.International Atomic Energy Agency (IAE
A burial ceremony for two veteran brothers, Sgt. Heo Chang-ho and Sgt. Heo Chang-sik, who fought in the 1950-53 Korean War takes place at Jeju National Cemetery on the southern island of Jeju, Wednesday. The younger brother, Chang-sik, was killed in action during a battle near Mount Seorak in 1950 and the older, Heo, died at a battle in Sunchang, North Jeolla Province the following year, according to the Ministry of National Defense. Yonhap
LIG Nex1's booth at the Korea Defense Component and Equipment Fair & Advanced Defense Industry Fair at the Daejeon Convention Center / Courtesy of LIG Nex1 By Lee Hyo-jin Local defense company LIG Nex1 is showcasing its cutting-edge military technologies at a major arms exhibition taking place in the central city of Daejeon, the firm said, Wednesday. The three-day Korea Defense Component and Equipment Fair & Advanced Defense Industry Fair opened at the Daejeon Convention Center on Wednesday. The exhibition, co-hosted by the Defense Acquisition Program Administration (DAPA) and Daejeon Metropolitan City, aims to promote the localization of Korean weapons and to support the export activities of the country's small and medium-sized defense companies.The large-scale event is a combined version of the biennial Korea Defense Component and Equipment Fair and the annual Advanced Defense Industry Fair, bringing together Korea's leading weapon systems developers and small and medium-sized defense firms.LIG Nex1 is a major domestic aerospace and defense manufacturer with a product range
Lawmakers of the main opposition Democratic Party of Korea ― Rep. Yoon Jae-gap, left, and Rep. Woo Won-shik, center ― stage an indefinite hunger strike at the National Assembly, Monday, in protest of Japan's plan to discharge radioactive wastewater into the sea. At right is DPK Chairman Rep. Lee Jae-myung. YonhapIAEA expected to issue final report on Fukushima wastewater in early JulyBy Lee Hyo-jin Rival parties are showing contrasting responses to Japan's imminent discharge of radioactive wastewater into the Pacific Ocean. Opposition lawmakers have launched a hunger strike, while ruling party lawmakers are visiting local markets to eat seafood so as to reassure the public that the contaminated water will not affect Korea's seafood products. However, such political displays that are of no help in seeking practical responses to the issue are causing anger as they only incite conflict, without meaningfully addressing the critical issue at hand. Rep. Woo Won-shik of the main opposition Democratic Party of Korea (DPK) started an indefinite hunger strike, Monday, in protest of Tokyo's pla
Rep. Lee Jae-myung, chairman of the main opposition Democratic Party of Korea (DPK), enters his party's office at the National Assembly in Seoul, Monday. The slogan emblazoned on the wall behind him reads “Discharge of Fukushima wastewater into the ocean is radiation terrorism.” YonhapBy Lee Hyo-jin The Ministry of Foreign Affairs and the main opposition Democratic Party of Korea (DPK) are clashing as the party seeks to take collective action with Pacific Rim nations against Japan's planned release of treated radioactive wastewater into the Pacific Ocean. The foreign ministry and the opposition party seem to be on the same page that Tokyo's imminent wastewater release from the Fukushima Daiichi nuclear plant is a shared concern for Korea and the Pacific nations. However, the DPK sees that Korea should immediately unite with the Pacific countries against Japan, while the foreign ministry views that the matter should be handled prudently based on the results of the ongoing safety reviews.Last week, the DPK sent official letters to the Pacific Island Forum (PIF) member count
The Terminal High Altitude Area Defense (THAAD) battery base is seen in Seongju, North Gyeongsang Province, Thursday. The government completed its environmental assessment of the base the previous day, paving the way for full-fledged deployment of the anti-missile system. YonhapNK's growing nuclear threats may discourage Beijing from taking strong sanctions, experts sayBy Lee Hyo-jin Bilateral relations between South Korea and China could turn from bad to worse, according to diplomatic observers, as Seoul prepares for full-fledged deployment of a U.S. anti-missile system at the displeasure of Beijing.However, China seems to have limited options if it is to take retaliatory measures, as it would not want to further harm the already-strained relationship between the two nations, the experts said.The Terminal High Altitude Area Defense (THAAD) system, capable of intercepting incoming ballistic missiles, was first deployed in 2017 in Seongju, North Gyeongsang Province, to deter North Korean nuclear and missile threats.The anti-missile system had remained as a “temporary” inst